Homework Answers
27.
Product cost:
= $500,000 + $800,000 + $450,000
= $1,750,000
28.
Cost of goods sold:
= (1,260 + 97,000 - 1,040) X $112
= $10,888,640
29.
Units sold = 1,260 + 97,000 - 1,040
= 97,220
Units made = 97,000
More units are sold than made.
False
30.
Cost of goods sold:
= $21,000 + $6,200 - $7,100 + $18,000 + $32,000 + $700 - $1,200 + $3,300 - $2,700
= $70,200
31.
Gross margin:
= $460,000 - ($8,000 + $120,000 - $6,000)
= $338,000
32.
Selling price per unit:
= $460,000 / 1,000
= $460
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5 points Save Answer QUESTION 27 Figure 2-1. Concam Inc. manufactures television sets. Last month direct...
Taylor & Edwards Inc. manufactures television sets. Last month, direct materials (electronic components, etc.) costing $550,000...
Taylor & Edwards Inc. manufactures television sets. Last month, direct materials (electronic components, etc.) costing $550,000 were put into production. Direct labor of $880,000 was incurred, manufacturing overhead equaled $495,000, and selling and administrative costs totaled $396,000. The company manufactured 8,400 television sets during the month. Assume that there were no beginning or ending work in process balances. What was the amount of cost of goods manufactured last month? a. $1,250,000 Ob. $1,925,000 Oc, $2,110,000 Od. $1,300,000
O’Reilly Manufacturing Co.’s cost of goods sold for the month ended July 31 was $345,000. The...
O’Reilly Manufacturing Co.’s cost of goods sold for the month
ended July 31 was $345,000. The ending work in process inventory
was 90% of the beginning work in process inventory. Factory
overhead was 50% of the direct labor cost. No indirect materials
were used during the period. Other information pertaining to
O’Reilly’s inventories and production for July is as follows:
REQUIRED:
1. Prepare a statement of cost of goods manufactured for the month
of July. (Hint: Set up a statement...
1. During July, Redard Corp’s purchase of direct materials totaled $139,000; direct labor for the month...
1. During July, Redard Corp’s purchase of direct materials totaled $139,000; direct labor for the month was 4,200 hours at $12.75 per hour. Redard also incurred the following overhead costs: utilities, $ 5,975, supervision, 16,000, indirect materials, 6,985, depreciation, 8,500, insurance 5,470 and miscellaneous 1,500. Beginning inventory accounts were as follows: Materials Inventory, 48,600, Work in Process Inventory, 54,250, and Finished Goods Inventory $38,500. Ending inventory as follows: Materials Inventory, 50,100, Work in Process Inventory, 48,400, and Finished Goods Inventory...
OBJECTIVE2 Exercise 2-31 Cost Classification Loring Company incurred the following costs last year: Sua Direct materials...
OBJECTIVE2 Exercise 2-31 Cost Classification Loring Company incurred the following costs last year: Sua Direct materials Factory rent Direct labor Factory utilities Supervision in the factory Indirect labor in the factory Depreciation on factory equipment Sales commissions Sales salaries Advertising Depreciation on the headquarters building Salary of the corporate receptionist Other administrative costs Salary of the factory receptionist S216,000 24,000 120,000 6,300 50,000 30,000 9,000 27,000 65,000 37,000 10,000 30,000 175,000 28,000 (Continued) Required: 1. Classify each of the costs...
Question 2 x Your answer is incorrect. Try again. Sunland, Inc. manufactures ergonomically designed computer furniture....
Question 2 x Your answer is incorrect. Try again. Sunland, Inc. manufactures ergonomically designed computer furniture. Sunland uses a job order costing system. On November 30, the Work in Process Inventory consisted of the following jobs: Job No. CC723 CH291 PS812 Item Computer caddy Chair Printer stand Units 24,000 15,000 30,000 Accumulated Cost $900,000 435,000 285,000 $1,620,000 On November 30, Sunland's Raw Materials Inventory account totaled $680,000, and its Finished Goods Inventory totaled $3,456,400. Sunland applies manufacturing overhead on the...
1. Prepare a statement of cost of goods manufactured for the month of July. (Hint: Set...
1. Prepare a statement of cost of goods manufactured
for the month of July. (Hint: Set up a statement of cost of goods
manufactured, potting the given information in the appropriate
spaces and solving for the unknown information. Start by using cost
of goods sold to solve for the cost of goods manufactured.
2. Prepare a schedule to compute the prime cost
incurred during July.
3. Prepare a schedule to compute the conversion cost
charged to Work in Process during...
Please help!! Question 2 x Your answer is incorrect. Try again. Vaughn, Inc. manufactures ergonomically designed...
Please help!!
Question 2 x Your answer is incorrect. Try again. Vaughn, Inc. manufactures ergonomically designed computer furniture. Vaughn uses a job order costing system. On November 30, the Work in Process Inventory consisted of the following jobs: Job No. CC723 CH291 PS812 Item Computer caddy Chair Printer stand Units 21,000 19,000 25,000 Accumulated Cost $950,000 435,000 280,000 $1,665,000 On November 30, Vaughn's Raw Materials Inventory account totaled $677,000, and its Finished Goods Inventory totaled $3,496,400. Vaughn applies manufacturing overhead...
ods Manufactured nber 31, 2019 ns) Direct Materials, January 1 Direct Materials, December 31 Work-in-Process Inventory,...
ods Manufactured nber 31, 2019 ns) Direct Materials, January 1 Direct Materials, December 31 Work-in-Process Inventory, January 1 Work-in-Process Inventory, December 31 Finished Goods Inventory, January 1 Finished Goods Inventory, December 31 Direct Materials Purchased, including Freight In Direct Labor Manufacturing Overhead Print Done elds and then continue to the next question. 12. QRS Manufacturing Company has the following data for 2019 (amounts in milions): Click the icon to view the information) Prepare the schedule of cost of goods manufactured...
In July, Noel & Vang Company purchased materials costing $23,100 and incurred direct labor cost of...
In July, Noel & Vang Company purchased materials costing $23,100 and incurred direct labor cost of $19,800. Manufacturing overhead totaled $35,200 for the month. Information on inventories was as follows: July 1 July 31 Materials $6,820 $7,810 Work in process 770 1,320 Finished goods 3,630 2,970 If Noel & Vang Company sold 10,300 units during July and its gross margin totaled $32,780, what was the sales price per unit? (Note: Round answer to two decimal places.) a.$9.94 b.$10.09 c.$10.11 d.$10.68
1 Che The Sebeka Company reports the following information pertaining to the month of January 5...
1 Che The Sebeka Company reports the following information pertaining to the month of January 5 points Materials Inventory Work in Process Inventory Finished Goods Inventory Ending Balance $ 15,000 30,000 50,000 Beginning Balance $ 45,000 70,000 40,000 eBook Print References During January, the company purchased $60,000 of direct materials and incurred $80.000 of direct labor costs. Total manufacturing overhead costs for the month amounted to $25000 Selling and administrative expenses amounted to $100.000 and the company's January sales amounted...
Taylor & Edwards Inc. manufactures television sets. Last month, direct materials (electronic components, etc.) costing $550,000 were put into production. Direct labor of $880,000 was incurred, manufacturing overhead equaled $495,000, and selling and administrative costs totaled $396,000. The company manufactured 8,400 television sets during the month. Assume that there were no beginning or ending work in process balances. What was the amount of cost of goods manufactured last month? a. $1,250,000 Ob. $1,925,000 Oc, $2,110,000 Od. $1,300,000
O’Reilly Manufacturing Co.’s cost of goods sold for the month
ended July 31 was $345,000. The ending work in process inventory
was 90% of the beginning work in process inventory. Factory
overhead was 50% of the direct labor cost. No indirect materials
were used during the period. Other information pertaining to
O’Reilly’s inventories and production for July is as follows:
REQUIRED:
1. Prepare a statement of cost of goods manufactured for the month
of July. (Hint: Set up a statement...
OBJECTIVE2 Exercise 2-31 Cost Classification Loring Company incurred the following costs last year: Sua Direct materials Factory rent Direct labor Factory utilities Supervision in the factory Indirect labor in the factory Depreciation on factory equipment Sales commissions Sales salaries Advertising Depreciation on the headquarters building Salary of the corporate receptionist Other administrative costs Salary of the factory receptionist S216,000 24,000 120,000 6,300 50,000 30,000 9,000 27,000 65,000 37,000 10,000 30,000 175,000 28,000 (Continued) Required: 1. Classify each of the costs...
Question 2 x Your answer is incorrect. Try again. Sunland, Inc. manufactures ergonomically designed computer furniture. Sunland uses a job order costing system. On November 30, the Work in Process Inventory consisted of the following jobs: Job No. CC723 CH291 PS812 Item Computer caddy Chair Printer stand Units 24,000 15,000 30,000 Accumulated Cost $900,000 435,000 285,000 $1,620,000 On November 30, Sunland's Raw Materials Inventory account totaled $680,000, and its Finished Goods Inventory totaled $3,456,400. Sunland applies manufacturing overhead on the...
1. Prepare a statement of cost of goods manufactured
for the month of July. (Hint: Set up a statement of cost of goods
manufactured, potting the given information in the appropriate
spaces and solving for the unknown information. Start by using cost
of goods sold to solve for the cost of goods manufactured.
2. Prepare a schedule to compute the prime cost
incurred during July.
3. Prepare a schedule to compute the conversion cost
charged to Work in Process during...
Please help!!
Question 2 x Your answer is incorrect. Try again. Vaughn, Inc. manufactures ergonomically designed computer furniture. Vaughn uses a job order costing system. On November 30, the Work in Process Inventory consisted of the following jobs: Job No. CC723 CH291 PS812 Item Computer caddy Chair Printer stand Units 21,000 19,000 25,000 Accumulated Cost $950,000 435,000 280,000 $1,665,000 On November 30, Vaughn's Raw Materials Inventory account totaled $677,000, and its Finished Goods Inventory totaled $3,496,400. Vaughn applies manufacturing overhead...
ods Manufactured nber 31, 2019 ns) Direct Materials, January 1 Direct Materials, December 31 Work-in-Process Inventory, January 1 Work-in-Process Inventory, December 31 Finished Goods Inventory, January 1 Finished Goods Inventory, December 31 Direct Materials Purchased, including Freight In Direct Labor Manufacturing Overhead Print Done elds and then continue to the next question. 12. QRS Manufacturing Company has the following data for 2019 (amounts in milions): Click the icon to view the information) Prepare the schedule of cost of goods manufactured...
1 Che The Sebeka Company reports the following information pertaining to the month of January 5 points Materials Inventory Work in Process Inventory Finished Goods Inventory Ending Balance $ 15,000 30,000 50,000 Beginning Balance $ 45,000 70,000 40,000 eBook Print References During January, the company purchased $60,000 of direct materials and incurred $80.000 of direct labor costs. Total manufacturing overhead costs for the month amounted to $25000 Selling and administrative expenses amounted to $100.000 and the company's January sales amounted...
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